Press Release
Press Release
Industrial activities require maintenance, repair, and operations, or MRO services. Optimal maintenance and repair procedures (MRO) can assist businesses in managing their supply chain and inventories, which is essential in manufacturing processes that call for several components.
The Asia Pacific region is anticipated to hold a significant portion of the maintenance, repair, and operations (MRO) market share due to the presence of economies such as China, India, Japan, and South Korea in the region. The presence of leading automotive manufacturers in South Korea and Japan such as Hyundai Motors, Kia Motors Ltd., Mitsubishi Motors Corporation, and Mazda Motor Corporation, creates opportunities for the MRO market.
Reportedly, the industrial output of China grew by 6.6% y-o-y in November 2023. In 2023, the manufacturing sector of India accounted for 17% of India’s economy. As a result, a surge in manufacturing and industrial activities drives maintenance, repair, and operations solutions and services demand. Additionally, the rise in advanced manufacturing techniques in the Asia Pacific, as a result of rising investments in R&D activities, is anticipated to promote the market growth in the coming years.
In May 2024, leading speciality distribution company, Distribution Solutions Group, Inc. (NASDAQ: DSGR) announced that Lawson Products, Inc. ("Lawson"), its operating company, successfully acquired S&S Automotive, Inc. ("S&S"), a top supplier of automotive and industrial parts with headquarters in Woodridge, IL, close to Chicago. Auto dealerships and collision repair facilities around North America receive automotive and industrial-class C-parts from Lawson Products' automotive-focused branch, Kent Automotive. Through this partnership, both businesses will be better able to provide consumers in this expanding industry with auto-related materials and products as well as vendor-managed inventory (VMI) services to dealerships and collision repair clients.
Figure: Automotive Production in Prominent Countries, 2023
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The major players in the global maintenance, repair, and operations (MRO) market are Airgas, Inc., Applied Industrial Technologies, Electrocomponents plc, W.W. Grainger, Inc., Lawson Products, Inc, WESCO International, Inc., Wolseley Limited, ERIKS N.V, Johnson Controls, Wurth Group, Caterpillar Inc., RS Group plc, Distribution Solutions Group, Inc., Ferguson Enterprises, LLC., and Adolf Würth GmbH & Co. KG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
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